If you're asking who owns Dave's Hot Chicken, here is the direct answer: Roark Capital, an Atlanta-based private equity firm, became the majority owner in June 2025 after a $1 billion acquisition. The four original founders Dave Kopushyan, Arman Oganesyan, Tommy Rubenyan, and Gary Rubenyan retain a minority equity stake. Celebrity investors including Drake hold undisclosed minority positions. The company is privately held and not publicly traded.
Who Owns Dave's Hot Chicken: Ownership at a Glance
|
Majority Owner |
Roark Capital (acquired June 2025) |
|
Deal Value |
Approximately $1 billion |
|
Original Founders |
Dave Kopushyan, Arman Oganesyan, Tommy Rubenyan, Gary Rubenyan |
|
Founder Equity |
Minority stake retained post-acquisition |
|
Celebrity Investors |
Drake, Samuel L. Jackson, Usher, Tom Werner (stakes undisclosed) |
|
Current CEO |
Jim Bitticks (appointed early 2026) |
|
Publicly Traded? |
No, privately held |
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The Original Founders: Where Dave's Hot Chicken Actually Started
Four People, $900, and a Parking Lot in East Hollywood
Dave's Hot Chicken didn't start in a boardroom. In 2017, four childhood friends pooled $900, set up portable fryers and folding tables in an East Hollywood parking lot, and started selling Nashville-style hot chicken on weekends.
Dave Kopushyan is the Dave in the name. He developed the hot chicken recipe and was the culinary foundation of the brand from day one. Arman Oganesyan, Tommy Rubenyan, and Gary Rubenyan handled everything else logistics, operations, showing up.
Instagram spread the word first. Then Eater LA published a review, lines stretched down the block, and what was a weekend pop-up turned into a business with real momentum. A brick-and-mortar location opened in 2018. Franchising started in 2019.
What's often overlooked is how much of the brand's credibility came from the founders being visibly attached to it. Their story genuinely starting with almost nothing resonated with people in a way that made outside investment easier to attract when the time came.
How Outside Investment Entered the Picture
Bill Phelps Joins as CEO in 2019
In 2019, Bill Phelps co-founder of Wetzel's Pretzels came in as CEO and brought institutional backing with him. He built the franchise model and connected Dave's to an existing network of Blaze Pizza franchisees who were looking for their next concept to scale.
This is a recognizable playbook in fast-casual restaurants. A founder-operator with deep franchise relationships takes the CEO seat, the original founders stay on as equity holders, and the business infrastructure gets built around the product. It tends to work when the food is genuinely strong and here, it was.
Celebrity Minority Investors: Drake, Samuel L. Jackson, and Others
In 2021, rapper Drake and actor Samuel L. Jackson took minority stakes in the company. Tom Werner, chairman of the Boston Red Sox, and Usher also invested around the same period.
None of these were operational roles.
These investors don't run restaurants or influence business decisions. Their involvement is financial and in practical terms, the press coverage and cultural credibility that comes with celebrity association can be worth more at that stage than the capital itself.
The exact terms of every celebrity investment have not been publicly disclosed, and that remains the case. Whether their stakes were restructured during the Roark acquisition has not been officially confirmed by the company.
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The Roark Capital Acquisition: What Happened in June 2025
A $1 Billion Deal That Changed the Ownership Structure
Roark Capital acquired Dave's Hot Chicken in June 2025 for approximately $1 billion. The brand had around 400 locations worldwide at the time, and was recording strong visit growth 67% year-over-year in Q4 2024, per Placer.ai data.
Following the acquisition, Roark became the majority owner. The founding team retained a minority stake. The status of celebrity investor positions post-deal has not been officially addressed by the company.
Who Is Roark Capital?
Roark Capital is an Atlanta-based private equity firm that focuses specifically on franchise and multi-unit consumer brands. Their holdings include Inspire Brands which operates Dunkin', Buffalo Wild Wings, Sonic, and Arby's and GoTo Foods, home to Auntie Anne's, Carvel, and Cinnabon. They also acquired Subway in 2023.
That track record matters here. Roark isn't figuring out how franchise restaurant businesses work. It's their entire model. For Dave's, the acquisition brings capital, supply chain infrastructure, real estate resources, and a franchisee network that already operates at serious scale.
At first glance a private equity takeover of an independent brand can sound like bad news for what made it interesting. In practice, Roark's portfolio brands tend to hold their positioning while expanding fast. Whether that plays out for Dave's is still a question worth watching.
Current Leadership: Who Actually Runs Dave's Hot Chicken Now
CEO Transition From Bill Phelps to Jim Bitticks
Bill Phelps stepped back from the CEO role following the Roark deal. Jim Bitticks, who had been serving as President and COO, was appointed CEO in early 2026. A number of articles still name Phelps as CEO that information is now out of date.
Bitticks is focused on franchise operations and global expansion. Interestingly, Phelps didn't step away from the industry entirely. He's already invested in Mike's Red Tacos, a birria concept out of San Diego, applying a similar early-stage build-and-scale approach.
Other Key Roles in the Current Leadership Team
Brandon Rhoten joined as Chief Marketing Officer, bringing experience from Wendy's and Potbelly. Joshua Liggins became VP of Franchise Development, with prior roles at Dunkin', Baskin-Robbins, and Sonic. James McGehee has served as CFO since 2019.
Majority Owner, Minority Stake, Celebrity Investor: Why the Difference Matters
These categories frequently get conflated, which is where most of the confusion about Dave's Hot Chicken ownership comes from.
Roark Capital as majority owner holds strategic and financial control. Major decisions capital deployment, expansion strategy, any future transaction go through Roark.
The founders hold minority equity. That means a financial interest in the company's value, but not majority decision-making authority. Their current operational involvement, if any, has not been publicly detailed.
Celebrity investors like Drake hold financial stakes only. No operational role, no management authority, no known involvement in brand decisions.
The management team led by CEO Jim Bitticks runs the actual business day to day. Their
compensation likely includes equity, but that's not publicly disclosed.
The cleanest answer to who owns Dave's Hot Chicken is still Roark Capital. Everything else sits underneath that.
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Conclusion
Dave's Hot Chicken is majority-owned by Roark Capital after a $1 billion deal in June 2025. The founding four retain minority equity. Celebrity investors including Drake hold undisclosed stakes. Jim Bitticks is the current CEO as of early 2026. The company is privately held and expanding globally.
Frequently Asked Questions
Does Drake own Dave's Hot Chicken?
Drake holds a minority investor stake acquired in 2021. Roark Capital has been the majority owner since June 2025. Drake has no operational role and is not the controlling owner of the company.
Do the original founders still own Dave's Hot Chicken?
The four founders retained a minority equity stake after Roark's acquisition in June 2025. They no longer hold majority ownership. Their current operational involvement has not been publicly confirmed.
Who is the current CEO of Dave's Hot Chicken?
Jim Bitticks. He was appointed CEO in early 2026 after serving as President and COO. Bill Phelps, who held the CEO role from 2019 through the Roark acquisition in 2025, has since stepped back.
Is Dave's Hot Chicken publicly traded?
No. Dave's Hot Chicken is privately held under Roark Capital. There are no publicly traded shares.
How much is Dave's Hot Chicken worth?
The Roark Capital acquisition in June 2025 valued the company at approximately $1 billion. No updated independent valuation has been reported publicly since the deal closed.
